I have been reading your posts for 6 months now and would like to thank you for sharing your knowledge and experience. I am hoping that you can help me get started!
I am a baby boomer in my 50's and would like to buy property in Brisbane. I have a son attending UQ and am considering a unit in St Lucia.
My question is
* Should I purchase in his name (FHOG) and convert it to an IP after 6 months. Are there costs involved other than the transfer of ownership? Is this legal as he will remain in the unit and will rent out 2 rooms to friends for 3 years.
(He is in his 3rd year of a 5 yr degree)
Or
* Should I Purchase it as an IP.
I am on a decent wage so will benefit from negative gearing.
I have a LOC in place and intend to pay IO. I am not looking to sell but if I needed to what are the tax implications for both?
I am having a case of the jitters, it all sounds so good in theory but actually doing it is frightening. I am married and thus require all the answers to satisfy the other half
I am a baby boomer in my 50's and would like to buy property in Brisbane. I have a son attending UQ and am considering a unit in St Lucia.
My question is
* Should I purchase in his name (FHOG) and convert it to an IP after 6 months. Are there costs involved other than the transfer of ownership? Is this legal as he will remain in the unit and will rent out 2 rooms to friends for 3 years.
(He is in his 3rd year of a 5 yr degree)
Or
* Should I Purchase it as an IP.
I am on a decent wage so will benefit from negative gearing.
I have a LOC in place and intend to pay IO. I am not looking to sell but if I needed to what are the tax implications for both?
I am having a case of the jitters, it all sounds so good in theory but actually doing it is frightening. I am married and thus require all the answers to satisfy the other half